<p>当帕特·基尔辛格在 2021 年接管 <strong>英特尔</strong>(INTC -6.10%) 时，人们希望他能够成为这家老牌半导体巨头期待已久的转型的策划者。</p>
<p>然而，他现在将加入那些未能振兴公司并在此过程中表现不佳的英特尔首席执行官的行列。</p>
<p>英特尔周一早上宣布基尔辛格将于 12 月 1 日退休，显然他是被从后门请出的。他将不再以任何身份留在公司，已放弃首席执行官职位和董事会席位。英特尔表示，首席财务官大卫·津斯纳和英特尔产品首席执行官米歇尔（MJ）约翰斯顿·霍尔瑟斯将担任临时联合首席执行官，直到公司找到基尔辛格的长期替代者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk2MTgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW52ZXN0aW5nLWFsZ29yaXRobXMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk2MTgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW52ZXN0aW5nLWFsZ29yaXRobXMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么基尔辛格被迫离职</h2>
<p>基尔辛格在英特尔度过了大部分职业生涯，曾升任首席技术官，2012 年离开去管理 VMWare，2021 年回归担任首席执行官。他在华尔街和行业内部人士中普遍受到尊重，但在他任内，英特尔的股票表现不佳，因为在人工智能竞争中输给了 <strong>英伟达</strong>。</p>
<p>投资者似乎对基尔辛格战略的基石持怀疑态度——扩大英特尔的内部芯片制造基础设施，并成为外部客户的第三方代工厂。当投资者看到重组后的代工业务每季度数十亿美元的亏损时，他们感到震惊，基尔辛格任内股票下跌了 62%，其中包括大规模重组和在 8 月份取消分红。</p>
<p>英特尔股票在基尔辛格辞职的消息传出后最初上涨，但到周一下午已跌入负值，显示投资者在预测他的离职将如何影响公司时感到挣扎。</p>
<h2>这对英特尔意味着什么</h2>
<p>尽管在他任内股票表现不佳，但基尔辛格的离职仍然令人惊讶，因为英特尔正处于多个多年计划的中间，包括建设新的制造工厂和在 8 月份宣布的重组计划，该计划将裁员约 15% 的员工。</p>
<p>这一消息也使英特尔在没有明确方向或领导的情况下前行，董事会选择任命两位临时联合首席执行官进一步表明，公司在下一任领导者确定新方向之前将处于战略停滞状态。</p>
<p>英特尔独立董事会主席弗兰克·耶里在退休公告中表示：“尽管我们在恢复制造竞争力和建立成为世界级代工厂的能力方面取得了重大进展，但我们知道公司还有很多工作要做，并致力于恢复投资者信心。”</p>
<p>耶里还暗示，产品组或芯片设计将继续是其战略的核心。这可能表明英特尔将改变其代工战略。</p>
<p>公司可能会剥离代工业务。基尔辛格在 9 月份宣布了一项计划，将其作为独立子公司，尽管一些投资者希望进行完全剥离。完全出售也是一种可能性，尽管 <strong>台积电</strong>，全球领先的合同芯片制造商，表示对收购它没有兴趣。基尔辛格的离职也可能为英特尔与其他公司如 <strong>高通</strong> 合并铺平道路，高通曾表示有意收购英特尔。</p>
<p>鉴于公司的挑战以及董事会显然希望采取新的战略方法，找到基尔辛格的替代者可能并不容易。更糟糕的是，根据《芯片法案》，英特尔获得的资金从 85 亿美元减少到 78.6 亿美元，因为英特尔还赢得了一项为美国军方制造芯片的 30 亿美元合同。由于英特尔没有永久首席执行官，其工厂建设的时间表可能会进一步推迟，因此《芯片法案》的资金仍然面临风险。</p>
<h2>现在是买入英特尔的好时机吗？</h2>
<p>市场对基尔辛格突然离职的初步反应似乎是错误的。迫使首席执行官离职可以帮助公司，尤其是当该领导者做出错误决策时，但这并不能完全说明英特尔的情况。在基尔辛格接管之前，公司在与竞争对手如英伟达和台积电的竞争中处于劣势。</p>
<p>此外，董事会在没有替代者的情况下宣布他的离职并不是一种促进投资者信心的举动，尤其是在公司混乱的情况下。这看起来过于仓促。经营这家陷入困境的芯片制造商可能是目前科技行业最糟糕的工作，很难想象谁是合适的人选。当他上任时，基尔辛格似乎具备了合适的背景，并赢得了员工的尊重。</p>
<p>一位新领导者可能会为公司注入新活力，但英特尔似乎仍需数年才能实现合理的转型，无论是否有基尔辛格。考虑到这一点，最好避免购买该股票。</p>

英特尔

<p>英特尔宣布首席执行官帕特·基尔辛格（Pat Gelsinger）将于 12 月 1 日退休，此前公司经历了一段业绩不佳和显著的股价损失。首席财务官大卫·辛兹纳（David Zinsner）和英特尔产品首席执行官米歇尔·约翰斯顿·霍尔瑟斯（Michelle Johnston Holthaus）将担任临时联合首席执行官。基尔辛格的离职引发了对英特尔战略方向的担忧，尤其是在持续的举措和挑战中，包括根据《芯片法案》减少资金支持。尽管市场最初反应积极，但关于公司未来领导层和潜在战略变化的不确定性依然存在，包括剥离其代工业务或与其他公司合并的可能性</p>

<p>When Pat Gelsinger took the helm of <strong>Intel</strong>(INTC -6.10%) in 2021, the hope was that he could be the mastermind who engineered the aging semiconductor titan's long-awaited turnaround.</p>
<div class="lb-trans"><p>当帕特·基尔辛格在 2021 年接管 <strong>英特尔</strong>(INTC -6.10%) 时，人们希望他能够成为这家老牌半导体巨头期待已久的转型的策划者。</p>
</div><p>Instead, he will now join the ranks of Intel CEOs who failed to reinvigorate the company and underperformed the stock market along the way.</p>
<div class="lb-trans"><p>然而，他现在将加入那些未能振兴公司并在此过程中表现不佳的英特尔首席执行官的行列。</p>
</div><p>Intel announced Gelsinger's retirement Monday morning, effective Dec. 1, and he was apparently shown out the back door. He won't remain with the company in any capacity, having relinquished both the CEO chair and his board seat. Intel said CFO David Zinsner and CEO of Intel Products Michelle (MJ) Johnston Holthaus would take over as interim co-CEOs while the company searches for Gelsinger's long-term replacement.</p>
<div class="lb-trans"><p>英特尔周一早上宣布基尔辛格将于 12 月 1 日退休，显然他是被从后门请出的。他将不再以任何身份留在公司，已放弃首席执行官职位和董事会席位。英特尔表示，首席财务官大卫·津斯纳和英特尔产品首席执行官米歇尔（MJ）约翰斯顿·霍尔瑟斯将担任临时联合首席执行官，直到公司找到基尔辛格的长期替代者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk2MTgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW52ZXN0aW5nLWFsZ29yaXRobXMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799618%2Fartificial-intelligence-investing-algorithms.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Why Gelsinger was pushed out</h2>
<div class="lb-trans"><h2>为什么基尔辛格被迫离职</h2>
</div><p>Gelsinger spent most of his career at Intel, rising to chief technology officer before leaving to run VMWare in 2012 and then returning as CEO in 2021. He was generally well respected by Wall Street and industry insiders, but on his watch, the stock underperformed the market as Intel lost ground in the AI race to <strong>Nvidia</strong>.</p>
<div class="lb-trans"><p>基尔辛格在英特尔度过了大部分职业生涯，曾升任首席技术官，2012 年离开去管理 VMWare，2021 年回归担任首席执行官。他在华尔街和行业内部人士中普遍受到尊重，但在他任内，英特尔的股票表现不佳，因为在人工智能竞争中输给了 <strong>英伟达</strong>。</p>
</div><p>Investors also seemed skeptical about the cornerstone of Gelsinger's strategy -- expanding Intel's in-house chip manufacturing infrastructure and becoming a third-party foundry for outside customers. Investors balked when they saw the billions in quarterly losses from the restructured foundry business, and the stock fell by 62% under Gelsinger's tenure, which included a massive restructuring and the elimination of its dividend in August.</p>
<div class="lb-trans"><p>投资者似乎对基尔辛格战略的基石持怀疑态度——扩大英特尔的内部芯片制造基础设施，并成为外部客户的第三方代工厂。当投资者看到重组后的代工业务每季度数十亿美元的亏损时，他们感到震惊，基尔辛格任内股票下跌了 62%，其中包括大规模重组和在 8 月份取消分红。</p>
</div><p>Intel stock initially popped on the news that Gelsinger was stepping down, but had fallen into negative territory by Monday afternoon, showing investors were struggling to predict how his exit would impact the company.</p>
<div class="lb-trans"><p>英特尔股票在基尔辛格辞职的消息传出后最初上涨，但到周一下午已跌入负值，显示投资者在预测他的离职将如何影响公司时感到挣扎。</p>
</div><h2>What it means for Intel</h2>
<div class="lb-trans"><h2>这对英特尔意味着什么</h2>
</div><p>Despite the stock's poor performance under his watch, Gelsinger's exit was a surprise, as Intel is in the middle of several years-long initiatives, including building out new manufacturing plants and the restructuring it announced in August that will include laying off approximately 15% of its workforce.</p>
<div class="lb-trans"><p>尽管在他任内股票表现不佳，但基尔辛格的离职仍然令人惊讶，因为英特尔正处于多个多年计划的中间，包括建设新的制造工厂和在 8 月份宣布的重组计划，该计划将裁员约 15% 的员工。</p>
</div><p>The news also leaves Intel without clear direction or leadership, and the board's choice to name two interim co-CEOs further indicates the company will be strategically stagnant until its next leader determines its new direction.</p>
<div class="lb-trans"><p>这一消息也使英特尔在没有明确方向或领导的情况下前行，董事会选择任命两位临时联合首席执行官进一步表明，公司在下一任领导者确定新方向之前将处于战略停滞状态。</p>
</div><p>Frank Yeary, Intel's independent board chair, said in the retirement announcement, &#34;While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence.&#34;</p>
<div class="lb-trans"><p>英特尔独立董事会主席弗兰克·耶里在退休公告中表示：“尽管我们在恢复制造竞争力和建立成为世界级代工厂的能力方面取得了重大进展，但我们知道公司还有很多工作要做，并致力于恢复投资者信心。”</p>
</div><p>Yeary also implied that the product group, or chip design, would remain at the center of its strategy. That could be a sign that Intel will change its foundry strategy.</p>
<div class="lb-trans"><p>耶里还暗示，产品组或芯片设计将继续是其战略的核心。这可能表明英特尔将改变其代工战略。</p>
</div><p>The company could spin off the foundry business. Gelsinger had announced a plan in September to make it an independent subsidiary, though some investors had hoped for a full spin-off. Selling it entirely is also a possibility, though <strong>TSMC</strong>, the world's leading contract chip manufacturer, said it had no interest in buying it. Gelsinger's departure could also help clear the way for Intel to merge with another company like <strong>Qualcomm</strong>, which had expressed interest in acquiring it.</p>
<div class="lb-trans"><p>公司可能会剥离代工业务。基尔辛格在 9 月份宣布了一项计划，将其作为独立子公司，尽管一些投资者希望进行完全剥离。完全出售也是一种可能性，尽管 <strong>台积电</strong>，全球领先的合同芯片制造商，表示对收购它没有兴趣。基尔辛格的离职也可能为英特尔与其他公司如 <strong>高通</strong> 合并铺平道路，高通曾表示有意收购英特尔。</p>
</div><p>Finding a replacement for Gelsinger may not be easy given the company's challenges and the board's apparent desire for a new strategic approach. Adding to the company's woes, the funding it's being awarded under the CHIPS Act was just reduced from $8.5 billion to $7.86 billion in light of Intel having also won a $3 billion contract to make chips for the U.S. military. The CHIPS Act funding still appears to be at risk as the timeline for Intel's plant construction could be pushed out even further now that it's without a permanent CEO.</p>
<div class="lb-trans"><p>鉴于公司的挑战以及董事会显然希望采取新的战略方法，找到基尔辛格的替代者可能并不容易。更糟糕的是，根据《芯片法案》，英特尔获得的资金从 85 亿美元减少到 78.6 亿美元，因为英特尔还赢得了一项为美国军方制造芯片的 30 亿美元合同。由于英特尔没有永久首席执行官，其工厂建设的时间表可能会进一步推迟，因此《芯片法案》的资金仍然面临风险。</p>
</div><h2>Is Intel a buy now?</h2>
<div class="lb-trans"><h2>现在是买入英特尔的好时机吗？</h2>
</div><p>The market's initial reaction to the news of Gelsinger's abrupt exit seems wrong. Forcing a CEO out can help a company when that leader has made poor decisions, but that doesn't tell the whole story with Intel. The company was at a competitive disadvantage against rivals like Nvidia and TSMC for years before Gelsinger took over.</p>
<div class="lb-trans"><p>市场对基尔辛格突然离职的初步反应似乎是错误的。迫使首席执行官离职可以帮助公司，尤其是当该领导者做出错误决策时，但这并不能完全说明英特尔的情况。在基尔辛格接管之前，公司在与竞争对手如英伟达和台积电的竞争中处于劣势。</p>
</div><p>Plus, for the board to announce his exit before having a replacement on deck is not a maneuver that promotes investor confidence, especially given the company's disarray. It looks unnecessarily hasty. Running the struggling chipmaker could be the worst job in tech right now, and it's hard to imagine who the right person might be to take it on. When he came in, Gelsinger seemed to have the right pedigree, and he had earned respect from employees.</p>
<div class="lb-trans"><p>此外，董事会在没有替代者的情况下宣布他的离职并不是一种促进投资者信心的举动，尤其是在公司混乱的情况下。这看起来过于仓促。经营这家陷入困境的芯片制造商可能是目前科技行业最糟糕的工作，很难想象谁是合适的人选。当他上任时，基尔辛格似乎具备了合适的背景，并赢得了员工的尊重。</p>
</div><p>A new leader could breathe new life into the company, but Intel still looks to be years away from a reasonable turnaround, with or without Gelsinger. Given that, the stock is best avoided.</p>
<div class="lb-trans"><p>一位新领导者可能会为公司注入新活力，但英特尔似乎仍需数年才能实现合理的转型，无论是否有基尔辛格。考虑到这一点，最好避免购买该股票。</p>
</div>

Intel Axes CEO Pat Gelsinger: Is It Time to Buy the Struggling Chip Stock?

- 英特尔宣布首席执行官帕特·基尔辛格于 12 月 1 日退休。  
- 在其任期内，英特尔股价下跌 62%，未能在 AI 领域赶超竞争对手。  
- 新任领导人尚未确定，英特尔面临战略停滞和不确定性。

英特尔解雇了 CEO Pat Gelsinger：现在是购买这只表现不佳的芯片股票的时机吗？